The chart shows the monthly net equity (red
line) built as cumulated daily data after $100 per round turn trade commissions.
The gross equity is plotted as a sum of the net
equity and the cumulative commissions (blue area plot).
The net daily profit/loss
are also plotted. Over
the month of Septmeber, 2002 the trading system has produced $7,000 in
total net profit (gross profit minus gross loss) with a max
draw-down of $2,300 (including commissions).

The
equity curve was compared with the weekly changes in Nasdaq-100 market. One can see the
system equity has potential to grow regardless of the market direction.

DISCLAIMER: 'HYPOTHETICAL
OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN
ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL
TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY
HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET
FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE
ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT.
NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN."